Simply put
- Trump Media has filed with the SEC for approval to launch dual Bitcoin and Ethereum ETFs branded under Truth Social.
- The firm is working with Yorkville America Digital and Crypto.com on these ETF plans, which build on previous Bitcoin fund submissions.
- Recently, Trump Media raised $2.4 billion to set up its Bitcoin Treasury Department.
Trump Media and Technology Group has lodged a submission with the SEC through its partner, Yorkville America Digital, to initiate joint Bitcoin and Ethereum ETFs.
The filing proposes a distribution of 75% Bitcoin and 25% Ethereum, with Crypto.com acting as custodian, execution agent, and liquidity provider.
“The Truth Social Bitcoin and Ethereum ETFs will be listed on NYSE Arca, pending the registration statement’s validation and the approval of Form 19b-4 to be submitted at launch.”
This isn’t the first collaborative effort between Trump Media and Yorkville. Earlier, a submission was made for a standalone Bitcoin ETF called the Truth Social Bitcoin ETF.
Much like that earlier filing, this fund is classified as a Nevada Business Trust rather than a Delaware statutory trust.
In addition to these ETFs, the collaboration with Crypto.com aims to provide a range of “America First” financial products. Presently, only the Truth Social Bitcoin ETFs have SEC filings, despite plans for others like the America First Bitcoin Fund.
With this latest submission, Trump Media and Technology Group is deepening its ties to the cryptocurrency sector. Back in May, it raised $2.4 billion, but it hasn’t revealed details on acquiring Bitcoin for its own Treasury initiative.
Before this, President Trump’s company also branched into social media with Truth+, and has looked into a “Financial Technology Brand.” Regulation changes since his administration seem to be opening opportunities, linking the Trump family to various crypto projects.
The president made headlines earlier this year by launching an Official Meme Coin just before his inauguration, and had previously engaged with Ethereum’s launch and DeFi projects.
His sons, particularly Eric and Donald Jr., are also active in the cryptocurrency scene. They have been involved with a Bitcoin mining firm and have ties to Trump Media and World Liberty Financial.
The latest disclosures reportedly show that the president stands to gain over $57 million from World Liberty Financial, creating some tension with bipartisan lawmakers regarding his crypto dealings.
Trump Media and Technology Group’s shares experienced a drop of nearly 2%, settling at $19.18.
